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May Real Estate Market Report: Apartment prices ease as inventory remains elevated

Mon, 01 Jun 2026 23:06:43 GMT

In line with seasonal trends, inventory has risen from the start of the year, reaching 6,752 units in May. While these levels are consistent with last May, they remain 11 per cent higher than longer-term trends for the month, thanks to higher supply levels of apartment and row-style homes. Meanwhile, inventory levels for detached homes are down three per cent compared with both last year and long-term trends.

At the same time, sales activity has been slowing. Calgary sales in May were 2,162 units, 16 per cent lower than last year’s levels and similar to sales reported in April. While new listings also slowed by 13 per cent compared with last year, it was not enough to offset the pullback in sales, causing the sales-to-new-listings ratio to ease to 51 per cent. The lower ratio also contributed to some of the inventory build, causing the months of supply to rise. However, conditions do vary across the market, with a range of two-and-a-half months of supply in the detached market to more than five months of supply in the apartment condominium market.

“The shift in supply is being felt in the market. More supply choice in the new and rental markets has created a more competitive environment for potential buyers. At the same time, concerns over rising cost of living and slower migration are also weighing on consumers,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “While this has caused the overall resale market to shift to a balanced state, the supply pressure is having a more prevalent impact for apartment-style units, where conditions are favouring the buyer. This is also impacting price movements, with apartment prices continuing to trend down and other property types reporting a seasonal lift over the winter months.”

The unadjusted total residential benchmark price in May was $570,500, up over April’s levels and the $554,400 reported in January, but still three per cent lower than last May. Most of the unadjusted monthly gain was driven by detached homes, which rose from $724,000 in January to $747,800 in May. Apartment prices remain lower than January levels and are nine per cent lower than levels reported last May. Overall, when adjusting for seasonality, total residential prices have remained relatively stable, as detached improvements have offset pullbacks for apartment-style homes.

Detached

Detached new listings reached 2,195 units in May compared with 1,192 sales, causing the sales-to-new-listings ratio to ease to 54 per cent compared to the higher levels reported over the past three months. This supported a monthly lift in inventory levels, but supply remained three per cent lower than levels reported last year at this time. With two-and-a-half months of supply, conditions remain relatively balanced and are supporting stability in seasonally adjusted prices. Within the detached market, there is some significant variation. While year-to-date sales have slowed by four per cent, there have been gains for the lowest-priced (under $600,000) and highest-priced ($1.5 million and up) homes. Within each district, conditions ranged from a seller’s market in the West district to a buyer’s market in the North East district. The variation is also impacting price movements. The North East district is reporting the highest year-over-year decline at seven per cent. Meanwhile, thanks to recent gains, the West district has seen prices remain consistent with levels reported last year.

Semi-Detached

Both sales and new listings in May remained at levels similar to the previous month. With 217 sales and 375 new listings, the sales-to-new-listings ratio was 58 per cent, supporting some modest improvements in inventory levels. Despite inventory improvements, conditions remained relatively balanced, with months of supply sitting at just under three months. Unadjusted benchmark prices continued to rise in May, reaching $691,100. This is an improvement over the $667,000 reported in January, but still one per cent lower than levels reported in May 2025. Like the detached sector, conditions vary significantly across the city. Prices have been trending up across most districts. Meanwhile, year-to-date new record-high prices have been reported in the North West and West districts.

Row

Following April’s gains, May sales slowed, adding to the year-to-date decline of 16 per cent. The 350 sales were met with 695 new listings, causing the sales-to-new-listings ratio to fall to 50 per cent in May. This also resulted in slight gains in inventory levels, pushing the months of supply up above three months. While there is more supply compared to several years ago, prices have still reported some modest gains compared with earlier in the year. The unadjusted benchmark price was $422,300 in May. Prices have improved since the beginning of the year, but remain over six per cent lower than last year’s levels. The largest year-over-year declines occurred in the North East and East districts, where prices fell by more than 10 per cent. The West district reported the smallest decline at nearly four per cent.

Apartment Condominium

Additional supply choice in the rental and new-home markets is heavily weighing on resale condominiums. Sales continued to slow into May, contributing to a year-to-date decline of nearly 28 per cent. At the same time, while new listings are not as high as last year, the 403 sales compared to 961 new listings caused the sales-to-new-listings ratio to fall to 42 per cent, keeping inventories elevated. With supply levels remaining elevated and demand easing, the months of supply has pushed above five months, creating conditions favourable to buyers. The excess supply is also weighing on prices, as the unadjusted benchmark price continues to decline. In May, the unadjusted benchmark price was $300,400, lower than January levels and nine per cent below last year’s price. Prices have eased across each district, with double-digit declines occurring in the North East, North, and East districts. The lowest price decline occurred in the North West district at six per cent.

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3月份房屋类型不同交易表现明显差异

Fri, 10 Apr 2026 17:32:02 GMT

3月的供应状况因物业类型而出现明显差异。 库存水平呈现出典型的月度增长，但与长期趋势相比，排屋和公寓类物业的库存仍明显高于过去10年的长线均值，而独立屋的库存则明显低于趋势水平。这一情况并不令人意外，因为尽管公寓类新开工量创历史新高，但去年独立屋开工量有所回落。

3月份换手1,881套民宅，较上月增加， 但仍比去年同期下降13%，且低于3月的长期平均水平。成交量下降主要源于公寓类物业活动的减少，原因在于供给房源增加以及移民人口放缓，使需求被分散到更广泛的房源中。同时，独立屋成交也低于长期趋势，主要由于部分城区可供选择的房源有限。

从整体住宅市场来看，随着春季市场的到来，成交量、新挂牌、库存及价格均较上月上升，市场整体处于相对平衡状态。然而，深入分析可见，不同物业类型表现差异明显：独立屋市场偏紧，而公寓市场则更有利于买方。这也推动了独立屋价格上涨，同时对公寓价格形成下行压力。全市民宅市场基准价为$565,600，较2月上涨近1%，但较去年下降超过4%。第一季度结束后，低密度住宅价格整体表现温和稳定，而公寓价格则持续下滑，较去年第四季度再下降约3%。

独立屋（Detached）

独立屋市场在所有物业类型中最为紧张。3月份共售出982套及1,614套新挂牌，成交量/新挂牌量比升至61%，库存水平与去年相近。当前库存仅略高于两个月，整体情况与去年同期类似。但各区域差异明显：西北区、西区、南区、东南区及东区房源平均在市场上的月份不足两个月；市中心及北区相对平衡；东北区则仍面临供应高于需求的问题。3月独立屋市场基准价为$741,300，比去年高点$766,600下降3%。不过，大部分区域的供应紧张仍推动价格上涨。第一季度涨幅最大的是西区，其次为市中心和南区。

半独立屋（Semi-Detached）

半独立屋成交量连续第二个月同比增长，受益于新挂牌及库存增加。当前库存可售饭馆为480套，成交193套，整体符合长期趋势，市场保持相对平衡。截至3月，市场调基准价为$686,100，比上月略升，但较去年下降约1%。不同区域价格表现仍存在差异。第一季度结束时，大部分区域价格呈上涨趋势，但除市中心、西北区和西区外，其余区域同比仍低于去年。

联排住宅（Row）

联排住宅成交量在3月继续同比下降，导致第一季度整体下降19%。第一季度成交778套，对应1,581套新挂牌，使成交量/新挂牌量比维持在50%以下，库存持续增加。3月库存达到960套，比长线均值高出25%，供应月数接近3个月。整体来看，多数区域市场相对平衡，但东北区更偏向买方市场。截至3月，全市排屋市场基准价为$423,900，与上月基本持平，但比去年下降超过6%。第一季度价格整体与上一季度相近，不同区域涨跌互现。

公寓（Apartment Condominium）

共管公寓类物业库存持续上升，3月达到1,774套，接近2008年金融危机时期的历史高位。新增供应增加，加上成交明显回落，推动二手库存持续攀升。成交量/新挂牌量比约为40%，供应接近5个月，价格上涨乏力。截至3月，公寓市场基准价为$300,300，比上月略升，但较去年下降超过9%。第一季度价格比去年第四季度下降近3%。所有区域价格均有所下跌，其中南区和北区跌幅最大，均超过4%。

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